The World Economic Forum has declared Malaysia a leader with first place in Southeast Asia in WEF Energy Transition Index.
Commenting on this, Economy Minister Rafizi Ramli, said ,”This achievement shows that Malaysia is on the right track to manage a fast, safe and affordable energy transition.”
The index takes into account the system performance and the country’s readiness to switch to more environmentally friendly energy sources.
“Malaysia also has various strategic advantages such as a strategic location, diverse renewable energy sources (RES) and a high level of skills to become a regional leader in the field of energy transition,” he said in a statement.
Malaysia is expected to be able to seize the opportunity to attract global investments in the clean technology sector which has reached RM5 trillion in 2022,” he said. “This value is expected to continue to increase in the coming years,” he added.
Moreover, on July 27, 2023, the Economy Ministry will launch the National Energy Transition Roadmap (NETR) Phase 1. This will take place during the Invest Malaysia KL 2023 Special Series programme organised by Bursa Malaysia in collaboration with CLSA and Maybank in Kuala Lumpur.
NETR Phase 1 is hoped to be the starting point in efforts to mainstream the energy transition of the national development narrative. NETR will focus particularly on the new target increase of renewable energy installed capacity from 40 per cent in 2035 to 70 per cent by 2050. As per the Economy Ministry, NETR can help towards generating a new high-paying job opportunities, increase domestic and foreign investment participation, secure the country’s energy supply and help Malaysia become a regional leader in the clean energy industry in the long term.